Texas sees surge in Bitcoin scams targeting residents

Police in Lubbock, Texas, have reported a significant increase in bitcoin-related scams, with numerous residents losing substantial amounts of money.

In recent months, between 20 and 30 people have approached the police with reports of scams involving gift cards and bitcoin (btc) transactions.

These scams predominantly target older people, tricking them into believing that their accounts are compromised and need verification.

According to Lubbock police, scammers often instruct victims to write checks, withdraw money and then deposit it into bitcoin machines.

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Talking to the locals pressSergeant Brandon Stewart highlighted one particularly devastating case in which a victim transferred $25,000, followed by another $30,000.

Another notable case involved a resident who was tricked into transferring nearly $60,000 after being told his debit card was being used fraudulently in Florida.

In another incident, a victim was tricked into sending $4,400 in bitcoins by scammers posing as Apple representatives. They falsely told the victim to convert their money into bitcoins to avoid an alleged fraudulent transaction.

Stewart stressed that recovery is nearly impossible once the money has been sent, as scammers are often based overseas.

She also urged the public to remain vigilant and trust their instincts, identifying key warning signs of scams. For example, being asked to stay on the phone during financial transactions is a major red flag. She stressed that legitimate organisations, including the police, would never demand money or require continued telephone contact during a transaction.

The police sergeant noted that scams often involve technology that spoofs legitimate phone numbers, making tracking down the perpetrators extremely difficult. He further stressed the importance of reporting crimes, even if recovering the stolen funds is unlikely, as it helps raise awareness and prevent further victimization.

Stewart also advised anyone who suspects they are being scammed to hang up immediately and verify the legitimacy of the call by contacting their bank or the relevant authorities directly. Common red flags include being asked to stay on the line during transactions or being told not to contact their bank or authorities.